DOR approves town’s “free cash”


Dept. of Revenue Email to Town Officials Last Week Appears Below-

 

Massachusetts Department of Revenue Division of Local Services
Christopher C. Harding, Commissioner
Sean R. Cronin, Senior Deputy Commissioner of Local Services

11/19/2019
NOTIFICATION OF FREE CASH APPROVAL – Town of Medfield

Based upon the un-audited balance sheet submitted, I hereby certify that the amount of available funds or “free cash” as of July 1, 2019 for the Town of Medfield is:

General Fund     $2,234,402.00
Enterprise Fund   Water Enterprise Funds Ch 44 S 53F 1/2   $635,298.00
Enterprise Fund   Sewer Enterprise Funds Ch 44 S 53 F 1/2   $1,031,497.00

This certification is in accordance with the provisions of G. L. Chapter 59, §23, as amended.

Certification letters will be emailed to the mayor/manager, board of selectmen, prudential committee, finance director and treasurer immediately upon approval, provided an email address is reported in DLS’ Local Officials Directory. Please forward to other officials as you deem appropriate.

Sincerely,

Mary Jane Handy
Director of Accounts
Massachusetts Department of Revenue

 

SUBMITTED BY PHONE FIELD REP FREE CASH CALCULATION BEGIN: UNRESERVED UNDESIGNATED FUND BALANCE 2,689,194 LESS: PERSONAL PROPERTY TAXES RECEIVABLE 8,363 REAL ESTATE TAXES RECEIVABLE 328,739 OTHER RECEIVABLE, OVERDRAWN ACCOUNTS, DEFICITS - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Additional Sheet - - FREE CASH VOTED FROM TOWN MEETING NOT RECORDED - ADD: DEFERRED REVENUE (CREDIT BALANCE +, DEBIT BALANCE -) (117,690) 60 DAYS TAX COLLECTIONS - OTHER MISCELLANEOUS ADJUSTMENTS: - 2,234,402 FREE CASH, JULY 1, 2019 REVIEWED BY: DATE: Medfield Amy Handfield 11/18/19 Amy Handfield 11/14/19 11/18/19 - - - - PLEASE SEE CERTIFICATION LETTER FOR DIRECTOR OF ACCOUNTS APPROVAL CITY/TOWN/DISTRICT SUBMISSION DATE SUBMISSION COMPLETE DATE Joy Ricciuto 508-906-3022 SUBMITTED BY COMMUNITY FIELD REP FUND RETAINED EARNINGS CALCULATION - ENTERPRISE FUND PART I CASH 2,136,939 SUBTRACT: CURRENT LIABILITIES, DESIGNATIONS OF FUND BALANCE Warrants Payable Encumbrances 56,912 Expenditures 566,050 800,160 78,519 OTHER TOTAL 635,298 PART II RETAINED EARNINGS - UNDESIGNATED 635,298 SUBTRACT: ACCOUNTS RECEIVABLE (NET) OTHER TOTAL 635,298 PART III FIXED ASSETS: DEBITS CREDITS Total - - FIXED ASSET VARIANCE - REVIEWED BY: DATE: 11/18/19 FOR DIRECTOR OF ACCOUNTS APPROVAL Amy Handfield PLEASE SEE CERTIFICATION LETTER Joy Ricciuto Medfield Amy Handfield Water Continuing Appropriations Debt Service SUBMITTED BY COMMUNITY FIELD REP FUND RETAINED EARNINGS CALCULATION - ENTERPRISE FUND PART I CASH 1,434,890 SUBTRACT: CURRENT LIABILITIES, DESIGNATIONS OF FUND BALANCE Warrants Payable Encumbrances 21,699 Expenditures 303,742 49,865 28,086 OTHER TOTAL 1,031,497 PART II RETAINED EARNINGS - UNDESIGNATED 1,031,497 SUBTRACT: ACCOUNTS RECEIVABLE (NET) OTHER TOTAL 1,031,497 PART III FIXED ASSETS: DEBITS CREDITS Total - - FIXED ASSET VARIANCE - REVIEWED BY: DATE: 11/18/19 FOR DIRECTOR OF ACCOUNTS APPROVAL Amy Handfield PLEASE SEE CERTIFICATION LETTER Joy Ricciuto Medfield Amy Handfield Sewer Continuing Appropriations Debt Service20191119-DOR-free cash certification-Medfield FY19_Page_220191119-DOR-free cash certification-Medfield FY19_Page_3

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